Alan and Gina Miller launch campaign for fairer fees - Spear's Magazine

Alan and Gina Miller launch campaign for fairer fees

Alan and Gina Miller, the husband and wife co-founders of SCM Private, today launched a campaign to bring full transparency to the UK investors

Alan and Gina Miller, the husband and wife co-founders of SCM Private, today launched a campaign to bring full transparency to UK investors.

Flanked by the great and the good of finance – from Lord McFall to Elroy Dimson – they proposed a code of conduct that will provide investors with a full schedule of fees and simple all-in cost for investment. This, they said, would bring an end to hidden charges and open up a sector so homogenous that 68% of active funds currently charge identical annual management fees.

‘With the public’s focus on responsible capitalism,’ continued Gina Miller, ‘it is high time we asked ourselves what we can do for clients. This is not about costs, it is about informed decisions.’

The time imperative was echoed by Professor Dimson. ‘Investing in low risk asset classes, like cash and gilts, produces a negative real return these days. Investing in risky asset classes, like equities, produces a much lower risk premium than previously expected however. In this new environment, fees are more important than ever.’

To many, the irony of the wealthy calling for responsible capitalism will not be missed. But with the pension confidence index at its lowest since records began, the ability to compare different products on a like-for-like basis for the first time ‘will bring efficiency to the system and lower costs to the consumer,’ in the words of Alan Miller. ‘If there was better product description, accuracy and a consistent industry format, investor confidence and trust could be rebuilt, and the savings inertia tackled.’

For more, visit www.trueandfaircampaign.com



 

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